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WELLGREEN OVERVIEW

LOCATION AND OWNERSHIP

The Wellgreen property (The Property) is a platinum group metal (Platinum, Palladium and Rhodium)-rich, nickel (Ni)-copper (Cu) project located in the south-western Yukon Territory, approximately 317 kilometres (km) northwest of Whitehorse and 125 km northwest of the town of Haines Junction. The Property consists 91 claims in two groups of claims; the Arch Joint Venture Claims, and the Northern Platinum Claims held under a renewable 21-year mining lease totaling 22.1 square kilometres (km2) located at approximate Latitude: 61°28'N, Longitude: 139°32'W.

HISTORY

The Wellgreen deposit was discovered in 1952 by the Yukon Mining Corporation Limited and optioned to Hudson Bay Mining and Smelting Ltd. From 1952 to1955, Hudson Bay explored with 4267 m of drifting and raising from four levels, two internal shafts and 19 815 m of surface and underground drilling.

The property was transferred in 1955 to Hudson-Yukon Mining Company Ltd. They conducted a Turam survey in 1968, drilled 762 m, prepared a feasibility study in 1969, and arranged a marketing agreement with Sumitomo in 1970. Due to underground problems, initial production from the 544 tonne/day mill was delayed from September, 1971 to May, 1972, and was suspended in July, 1973 after treating only 171 652 tonnes. Total production was 33 853 tonnes of concentrate, grading 7.4% nickel and 6.6% Cu.

Under the direction of the consultants Archer Cathro, extensive surface (10,909 metres) and underground drilling (5,568 metres) were conducted. The potential for low grade open pitable ore was recognised and planning for an open pit was initiated.

The property was optioned in June, 1986 by the Kluane Joint Venture (All-North Resources Ltd. and Chevron Minerals Ltd.) which carried out grid soil sampling, mapping, prospecting, bulldozer trenching and test geophysical surveys. Hudson-Yukon was purchased by Galactic Resources Ltd. in June, 1986 and merged with All-North Resource Ltd. in November, 1986.

In 1987, additional soil sampling, bulldozer trenching, geophysical surveys, underground rehabilitation, and 4932 m of diamond drilling in 45 holes were carried out. In 1988, the 4250 level was rehabilitated, and 34 underground holes were drilled totaling 5500 m. On surface, bulldozer trenching, and 37 holes totaling 6073 m were drilled, in addition to bulldozer trenching. Metallurgical tests and a preliminary feasibility study were carried out in 1988 and 1989.

J.P. Sheridan and Northern Platinum optioned the property in June, 1994 from All-North Resources and Sheridan, in turn, assigned the option to Northern Platinum, retaining back-in rights for half of that company's interest at the feasibility stage. Northern Platinum carried out reserve evaluation drilling, underground sampling and exploration.

In the summer of 1999, Northern Platinum Ltd. Received Vancouver Stock Exchange approval to purchase Kaieteur Resource Corp. (formerly named All-North Resources Ltd.) and J.P. Sheridan's 20% interest in the Wellgreen property.

In 2004, the property was optioned to Coronation Minerals Inc. Coronation rehabilitated the two upper levels underground and conducted sampling and both underground (577 metres) and surface (6,671 metres) diamond drilling. A Fugro helicopter-borne Mag and EM survey was conducted. The survey showed that the magnetic signature of the peridotite extended approximately 6 kilometres on Northern Platinum's ground. A new resource estimate was calculated by Watts Griffis McOuat in 2008.

GEOLOGY, MINERALOGY AND ORE RESERVES

Mineralized rock on the Wellgreen property occurs within a variably serpentinized, 20-km-long Triassic ultramafic body, known as the Quill Creek Complex that intrudes Permian sedimentary and volcanic rocks. Three main zones of Platinum, Palladium and Rhodium-enriched copper-nickel mineralized rock have been outlined on the Wellgreen property: the East zone, the West zone and the North zone.